Retirement Lifestyle Planning: 3 Things HR Should Know
March 06, 2017 by Raymond Lee
As ten thousand baby boomers will retire from the workforce each day over the next decade, human resources professionals are creating strategies to better support this transition. One of these strategies is called retirement lifestyle planning.
Retirement lifestyle planning is a great way for human resources to support their workforce planning processes, as well as support baby boomers who will become retirees.
Retirement Lifestyle Planning: 3 Important Points
- Retirement Lifestyle Planning is an in-depth coaching process. Usually, it involves an assessment, various training modules, and one-on-one time with a coach. The coaching centers on the retirees potential overall lifestyle after exiting from an organization. This is different from traditional programs, which focus solely on the financial aspect of retirement.
- Most baby boomers will have less trouble adjusting to the financial aspects of their overall retirement lifestyle, and more trouble with other areas. These troubling aspects of their new lifestyle could be a lack of structure, sense of purpose, or social life. Providing a retirement lifestyle planning program can help to eliminate these potential stressors for retirees. As human resources is concerned with supporting their employees at all stages of life, providing retirement lifestyle planning is a great way to carry out that objective.
- Reluctant retirees can be a difficult workforce planning issue for many Human Resources teams. As the current financial climate has caused baby boomers to continue working longer than previous generations, there is less room for development or promotion of other employees. This can increase turnover and expenses in recruiting for many organizations. Providing retirement lifestyle planning is an easy way to support reluctant retirees. The program might be able to ease fears of what retirement may be like, increasing the likelihood that they will retire in a timely manner.
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